Natural order means a fall in returns

Three years without major natural catastrophes mean returns on insurance-linked securities have fallen and consultants are advising against them

Three years without major natural catastrophes mean returns on insurance-linked securities have fallen and consultants are now advising against them.

Figures from Aon Benfield show losses from disasters have been falling since 2011's $132 billion, which was inflated by claims relating to the earthquake and flood in Japan and tornadoes in the US. After that year of disasters insurance rates rose sharply - increasing the attraction of insurance-linked securities, which briefly became one of the most popular alternative investment...